Saudi Arabia, Oman Sign Agreement and MoU on Maritime Transport

A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
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Saudi Arabia, Oman Sign Agreement and MoU on Maritime Transport

A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri

Saudi Minister of Transport and Logistics Engineer Saleh bin Nasser Al-Jasser has signed a cooperation agreement on maritime transport with Oman, the Saudi Press Agency (SPA) reported Thursday.

Al-Jasser signed the agreement with Oman’s Minister of Transport, Communications and Information Technology Eng. Saeed bin Hamoud Al Maawali during his visit to Muscat, SPA said.

The agreement aims to enhance areas of cooperation in the maritime transport sector for passengers and goods, facilitate the traffic of commercial ships, develop economic relations between the two countries and contribute to raising the efficiency of maritime transport services.
It also aims to facilitate technology transfer and encourage maritime studies and training, which contributes to the localization of the vital industry, as well as providing the necessary facilities for building and maintaining ships in both countries, protecting the marine environment and reducing environmental pollution.

Saudi Deputy Minister of Transport and Logistics and Acting Head of the Public Transport Authority Dr. Rumaih bin Mohammed Al-Rumaih also signed an MoU for mutual recognition of certificates issued under the provisions of the International Agreement on Levels of Training, Certification and Shift Work for Sea Workers of 1978 and its amendments with the Omani Ministry of Transport, Communications and Information Technology.

Another MoU was signed with Al Maawali to raise the levels of quality and efficiency of officers and sailors working aboard the ships of the two countries, and their suitability to carry out their tasks and meet the optimal standards for maritime safety, protection of property, preservation of the marine environment, and to ensure keeping pace with developments and exchange of expertise in the transfer of knowledge, training, qualification and evaluation programs to award certificates.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.